A staggering benchmark was reached last month in Palm Beach County’s existing single-family home market, setting a new record high in a market where sales volume has slowed but prices are still hot. The median cost to buy an existing single-family home in Palm Beach County reached $659,999 in June. This is about 5.5% higher than June 2023 and nearly $10,000 more than the previous record set in April.
At the same time, the number of closed deals in June dropped 11% from last year to 1,269.
The average sale price of a single-family home in June was $1.13 million. That’s a 7% increase over the same time in 2023 and at least the 16th time since early 2021 when monthly reports noted average prices topping $1 million.
The new sale price numbers are from the Broward, Palm Beaches, and St. Lucie Realtors Group, whose sales information released Tuesday, July 23, comes ahead of potential interest rate cuts this fall that some Realtors said could lead to further hikes in prices as sidelined buyers jump back into the market.
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